On June 17, 2016, California Association of Realtors (C.A.R) reported that condo and town-homes values increased 1.0% at an average price of $440,890 in May of 2017 from $436,390 in April of 2017, and gained 7.2% from price of $411,120 in May of 2016. While, condo and town-homes sales rose 13.7% in May of 2017, from April of 2017, and higher 4.5% from May of 2016 for condo and town-homes in California.
There were 2.4 months supplies of available inventory of condo and town-homes in May of 2017, lower from 2.5 months in April of 2017, and down from 2.8 months in May of 2016. An average it took 21.0 days to sell a condo and town-home in May of 2017, declined from 23.0 days in April of 2017, and fell from 27.3 days in May of 2016 in California.
C.A.R. Vice President and Chief Economist Leslie Appleton-Young, stated “Stubbornly low supply levels will continue to propel prices higher and, when combined with imminently higher interest rates, will worsen an already dismal affordability issue in the housing market.”
For complete more detailed information about the California Association of Realtors’ May of 2017 California condo and town-homes sales and value report, please CLICK HERE
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